A Client's Inventory Is Recorded at $300,000 and Is Comprised

question 68

Multiple Choice

A client's inventory is recorded at $300,000 and is comprised of 1,000 items.If auditors examined a sample of 200 items and found a total misstatement of $20,000 (overstatement) ,what is the estimated audited balance for inventory?

• A) $20,000
• B) $100,000
• C) $200,000
• D) $400,000

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Definitions:

Leadership Quality

The set of characteristics, attributes, and abilities that make an individual effective at guiding or inspiring others.

Increases

Refers to a growth or rise in quantity, size, number, or intensity of a particular object or phenomenon.

Decreases

The process of becoming smaller or fewer in amount, size, intensity, or degree.

Chief Executive Officers (CEOs)

the highest-ranking corporate officers or executives in charge of managing an organization, responsible for making major corporate decisions.